EUR/NZD may form a top

EUR/NZD may form a top

Trade idea

SELL 1.7190; TP 1.7005; SL 1.7220

Last week, EUR/NZD got rejected from the resistance at 1.7590 thus failing to reach new highs. This week, the pair fell below the June highs in the 1.7300 area. Moving Averages both on the weekly and the daily chart are horizontal and located well below the current price: this means that there’s scope for the euro to decline more before it reaches any support. As a result, downside targets are located at 1.7000 and the pair will arrive there if it slides below 1.7190 (200-period MA on H4), confirming the top.   

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Similar

EUR/GBP: bullish targets

EUR/GBP continues trading within an uptrend. The pair has managed to break above 0.9000 (38.2% Fibonacci retracement of the March-April decline) which now acts as support.

How to trade EUR/USD?

EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.

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